FTSE 250 movers: BCA Marketplace motors on; Hammerson bid rejection fails to please
BCA Marketplace motored to the top of the FTSE 250 risers on Wednesday as the Webuyanycar.com owner said full year trading was ahead of expectations with “strong profit growth and with a net debt position lower than market forecasts”.
The second-hand car dealer said the positive outlook reported at the half year in November had continued during the second half of the financial year.
Vedanta Resources shares were also in favour as the company reported record annual production from its Zinc India and aluminium arms, and was eyeing significant growth from oil operations that could lead to a possible reversal of previous impairments.
Reporting on the year to 31 March 2018, the FTSE 250 company said it was reviewing the carrying value of its oil and gas assets in light of recent projects that have been awarded, which directors expect to improve levels of mineral resources that be extracted.
If there any impact is calculated from these changes, Vedanta said it will be reflected in the 2018 financial year results as a non-cash reversal of previous impairment charges. In 2015 the company took a $6.6bn in impairment charges at its oil and gas business and in 2016 took an impairment of $3.3bn, largely related to the oil & gas business which was adversely impacted by the lower crude prices.
On the downside, Hammerson fell after saying it had received and rejected a second bid from French shopping mall owner Klépierre. The revised offer, made on April 9, was 635p a share, made up of 50% in new Klépierre shares and the rest in cash, valuing the UK outfit at £5.04bn
Retirement housebuilder McCarthy & Stone dropped after reporting a 52% decline in half-year pre-tax profit, while recruiter PageGroup retreated despite delivering record quarterly gross profit, as the UK was a sore spot.
Market Movers
FTSE 100 (UKX) 7,254.23 -0.17%
FTSE 250 (MCX) 19,588.63 -0.44%
techMARK (TASX) 3,350.90 -0.41%
FTSE 250 - Risers
BCA Marketplace (BCA) 177.20p 8.45%
Tullow Oil (TLW) 216.50p 5.87%
Hunting (HTG) 710.50p 4.41%
Vedanta Resources (VED) 729.80p 3.14%
Inmarsat (ISAT) 363.10p 3.04%
FirstGroup (FGP) 97.35p 2.69%
RHI Magnesita N.V. (DI) (RHIM) 4,082.50p 2.58%
Cairn Energy (CNE) 222.68p 2.33%
Alfa Financial Software Holdings (ALFA) 353.50p 2.32%
Card Factory (CARD) 218.80p 2.24%
FTSE 250 - Fallers
Ferrexpo (FXPO) 216.70p -5.62%
Ted Baker (TED) 2,622.00p -5.14%
SSP Group (SSPG) 593.00p -3.66%
Greene King (GNK) 455.90p -3.57%
Thomas Cook Group (TCG) 119.20p -3.40%
Wizz Air Holdings (WIZZ) 3,264.00p -3.29%
TBC Bank Group (TBCG) 1,800.00p -3.23%
Senior (SNR) 289.80p -2.95%
Capita (CPI) 141.00p -2.76%
Savills (SVS) 981.00p -2.68%